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Trizec Outbids Rivals for 70,000-SF CBD Lease

DALLAS-A 15-year tenant exits the Crescent in Uptown for the Plaza of the Americas in the downtown. The 10-year win carries a two-year lease buyout with a hefty price tag, a practice becoming more frequent in Dallas face-offs.

By Connie Gore | Updated on November 05, 2002

DALLAS-A leading Dallas law firm exits Uptown for the CBD in a hotly chased signing that has caused a rift in the ranks as Trizec Properties Inc. takes the win by agreeing to buy out nearly two years on a lease at the city’s most expensive office building. Even the firm’s 100-plus attorneys were divided over the move, GlobeSt.com is told.

Trizec’s high-stakes play isn’t without precedence. The practice is becoming more frequent in today’s leasing environment. Still, the Thompson, Coe, Cousins & Irons buyout came at a high ticket, paying through the expiration of late 2004 for 53,000 sf or the entire 11th floor at the prestigious Crescent, John Zogg, Crescent’s leasing director, tells GlobeSt.com. More details about the buyout package will be forthcoming due to the deal’s high profile.

In exchange, the New York City-based Trizec has made a 10-year slam dunk for 70,000 sf at the Plaza of the Americas, now 75% leased. It gets to fill the top three floors of the north tower, office space that’s been empty for some time due to a tenant bankruptcy.

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